What Documents Do I Need To Provide When Applying For A Reverse Mortgage?
Before seniors apply for a reverse mortgage, they should always ask, “What documents do I need to provide when applying for a reverse mortgage?”
When seniors are looking for a way to help with their current financial needs, they often explore the possibilities in reverse mortgages. While these do offer promises of an quick fix to an ongoing problem, you need to ask yourself, “What documents do I need to provide when applying for a reverse mortgage?”
What documents do I need to provide when applying for a reverse mortgage?
One of the more important documents that a senior needs to have when applying for a reverse mortgage is an original counseling certificate that is provided to them by a third party counselor that is familiar with the concept of reverse mortgages.
Other documents that are needed
You will need to have original copies of the loan application and disclosures that have all pertinent signatures on them. As well, you will need copies of your photo ID and birth certificate or social security card, proof of your homeowner’s insurance, and a copy of the survey of your home.
Also take with you to the lending institution a copy of the current statement of your mortgage payment with all information pertaining to it, copy of any trust that you may have, copy of a durable power of attorney if that applies. Also needed would be a lien release from any prior mortgage.
More, what documents do I need to provide when applying for a reverse mortgage?
You will also need to take with you a check in the amount required by the lender for the appraisal of your home. This check can then be held by the lending institution to satisfy this cost of the appraisal in the event that the homeowner decides not to proceed with the application. Otherwise, the amount will be added to the loan.
Send this page to a friend ...